(d) | Exhibits. |
• | Sustained profitability: 55th consecutive quarter of profitability. |
• | Continued organic growth: Average commercial noncovered loan growth of $156.8 million, or 2.88%, from prior quarter; average core deposit growth of $109.1 million, or 1.08%, from prior quarter. |
• | Superior credit quality: Nonperforming assets as a percent of noncovered period end loans plus other real estate declined to 0.57% from 0.77% in the prior quarter; net charge-offs to noncovered average loans decreased to 0.34% from 0.72% in the prior quarter. |
• | Strong balance sheet: Strong tangible common equity ratio at 8.16%. |
FIRSTMERIT CORPORATION AND SUBSIDIARIES | |||||||||||||||
Consolidated Financial Highlights | |||||||||||||||
(Unaudited) | Quarters | ||||||||||||||
(Dollars in thousands, except per share amounts) | 2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||
4th qtr | 3rd qtr | 2nd qtr | 1st qtr | 4th qtr | |||||||||||
EARNINGS | |||||||||||||||
Net interest income FTE (a) | $ | 119,130 | $ | 120,741 | $ | 121,689 | $ | 121,428 | $ | 123,598 | |||||
Provision for noncovered loan losses | 7,116 | 9,965 | 8,766 | 8,129 | 12,275 | ||||||||||
Provision for covered loan losses | 5,146 | 6,214 | 3,430 | 5,932 | 2,773 | ||||||||||
Other income | 61,652 | 54,925 | 55,301 | 51,726 | 59,737 | ||||||||||
Other expenses | 112,181 | 108,587 | 119,077 | 113,768 | 123,874 | ||||||||||
FTE adjustment (a) | 2,900 | 2,851 | 2,766 | 2,641 | 2,632 | ||||||||||
Net income | 38,224 | 34,953 | 30,585 | 30,344 | 30,496 | ||||||||||
Diluted EPS | 0.35 | 0.32 | 0.28 | 0.28 | 0.28 | ||||||||||
PERFORMANCE RATIOS | |||||||||||||||
Return on average assets (ROA) | 1.03 | % | 0.94 | % | 0.84 | % | 0.84 | % | 0.83 | % | |||||
Return on average common equity (ROE) | 9.30 | % | 8.60 | % | 7.69 | % | 7.72 | % | 7.70 | % | |||||
Net interest margin FTE (a) | 3.58 | % | 3.66 | % | 3.77 | % | 3.78 | % | 3.85 | % | |||||
Efficiency ratio | 62.65 | % | 61.75 | % | 67.21 | % | 65.52 | % | 69.46 | % | |||||
Number of full-time equivalent employees | 2,724 | 2,733 | 2,789 | 2,997 | 3,018 | ||||||||||
MARKET DATA | |||||||||||||||
Book value per common share | $ | 15.00 | $ | 14.82 | $ | 14.60 | $ | 14.51 | $ | 14.33 | |||||
Period-end common share market value | 14.19 | 14.71 | 16.51 | 16.86 | 15.13 | ||||||||||
Market as a % of book | 95 | % | 99 | % | 113 | % | 116 | % | 106 | % | |||||
Cash dividends per common share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||
Common stock dividend payout ratio | 45.71 | % | 50.00 | % | 57.14 | % | 57.14 | % | 57.14 | % | |||||
Average basic common shares | 109,652 | 109,645 | 109,562 | 109,211 | 109,249 | ||||||||||
Average diluted common shares | 109,652 | 109,645 | 109,562 | 109,211 | 109,249 | ||||||||||
Period end common shares | 109,649 | 109,653 | 109,641 | 109,187 | 109,251 | ||||||||||
Common shares repurchased | 12 | 6 | 111 | 69 | 7 | ||||||||||
Common stock market capitalization | $ | 1,555,919 | $ | 1,612,996 | $ | 1,810,173 | $ | 1,840,893 | $ | 1,652,968 | |||||
ASSET QUALITY (excluding covered loans) | |||||||||||||||
Gross charge-offs | $ | 12,475 | $ | 20,999 | $ | 15,014 | $ | 17,417 | $ | 18,984 | |||||
Net charge-offs | 7,116 | 14,872 | 8,766 | 11,979 | 13,763 | ||||||||||
Allowance for noncovered loan losses | 98,942 | 98,942 | 103,849 | 103,849 | 107,699 | ||||||||||
Reserve for unfunded lending commitments | 5,433 | 5,760 | 5,666 | 5,410 | 6,373 | ||||||||||
Nonperforming assets (NPAs) (b) | 50,224 | 64,055 | 61,080 | 67,933 | 81,094 | ||||||||||
Net charge-offs to average loans ratio (b) | 0.34 | % | 0.72 | % | 0.44 | % | 0.62 | % | 0.71 | % | |||||
Allowance for noncovered loan losses to period-end loans (b) | 1.13 | % | 1.19 | % | 1.28 | % | 1.32 | % | 1.39 | % | |||||
Allowance for credit losses to period-end loans (b) | 1.20 | % | 1.26 | % | 1.35 | % | 1.39 | % | 1.47 | % | |||||
NPAs to loans and other real estate (b) | 0.57 | % | 0.77 | % | 0.75 | % | 0.86 | % | 1.04 | % | |||||
Allowance for noncovered loan losses to nonperforming loans | 269.69 | % | 196.66 | % | 222.44 | % | 194.97 | % | 166.64 | % | |||||
Allowance for credit losses to nonperforming loans | 284.50 | % | 208.11 | % | 234.57 | % | 205.13 | % | 176.50 | % | |||||
CAPITAL & LIQUIDITY | |||||||||||||||
Period-end tangible common equity to assets | 8.16 | % | 8.18 | % | 8.01 | % | 7.86 | % | 7.86 | % | |||||
Average equity to assets | 11.12 | % | 10.97 | % | 10.98 | % | 10.91 | % | 10.75 | % | |||||
Average equity to total loans (c) | 17.37 | % | 17.46 | % | 17.57 | % | 17.50 | % | 17.40 | % | |||||
Average total loans to deposits (c) | 81.21 | % | 79.89 | % | 78.78 | % | 78.74 | % | 79.12 | % | |||||
AVERAGE BALANCES | |||||||||||||||
Assets | $ | 14,702,215 | $ | 14,734,016 | $ | 14,558,514 | $ | 14,496,937 | $ | 14,623,441 | |||||
Deposits | 11,595,085 | 11,591,931 | 11,555,283 | 11,472,021 | 11,416,546 | ||||||||||
Loans, excluding acquired loans (c) | 8,389,223 | 8,121,083 | 7,857,840 | 7,677,963 | 7,520,400 | ||||||||||
Acquired loans, including covered loans (c) | 1,026,574 | 1,139,568 | 1,245,246 | 1,355,086 | 1,512,123 | ||||||||||
Earning assets | 13,246,693 | 13,119,473 | 12,986,988 | 12,935,184 | 12,747,868 | ||||||||||
Shareholders' equity | 1,635,275 | 1,616,569 | 1,599,187 | 1,581,009 | 1,572,061 | ||||||||||
ENDING BALANCES | |||||||||||||||
Assets | $ | 14,913,012 | $ | 14,628,843 | $ | 14,621,344 | $ | 14,670,818 | $ | 14,441,702 | |||||
Deposits | 11,759,425 | 11,532,426 | 11,615,841 | 11,648,165 | 11,431,609 | ||||||||||
Loans, excluding acquired loans (c) | 8,677,501 | 8,260,426 | 8,031,998 | 7,764,058 | 7,635,776 | ||||||||||
Acquired loans, including covered loans (c) | 959,549 | 1,099,052 | 1,187,203 | 1,306,165 | 1,404,644 | ||||||||||
Goodwill | 460,044 | 460,044 | 460,044 | 460,044 | 460,044 | ||||||||||
Intangible assets | 6,373 | 6,817 | 7,274 | 7,756 | 8,239 | ||||||||||
Earning assets | 13,472,067 | 13,219,301 | 13,212,071 | 13,318,202 | 13,011,267 | ||||||||||
Total shareholders' equity | 1,645,202 | 1,624,704 | 1,600,815 | 1,584,105 | 1,565,953 | ||||||||||
NOTES: |
FIRSTMERIT CORPORATION AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in thousands) | December 31, | |||||||||
(Unaudited, except December 31, 2011, which is derived from the audited financial statements) | 2012 | 2011 | ||||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 244,223 | $ | 219,256 | ||||||
Interest-bearing deposits in banks | 13,791 | 158,063 | ||||||||
Total cash and cash equivalents | 258,014 | 377,319 | ||||||||
Investment securities: | ||||||||||
Held-to-maturity | 622,121 | 82,764 | ||||||||
Available-for-sale | 2,920,971 | 3,353,553 | ||||||||
Other investments | 140,717 | 140,726 | ||||||||
Loans held for sale | 23,683 | 30,077 | ||||||||
Noncovered loans: | ||||||||||
Commercial | 5,866,489 | 5,107,747 | ||||||||
Mortgage | 445,211 | 413,664 | ||||||||
Installment | 1,328,258 | 1,263,665 | ||||||||
Home equity | 806,078 | 743,982 | ||||||||
Credit card | 146,387 | 146,356 | ||||||||
Leases | 139,236 | 73,530 | ||||||||
Total noncovered loans | 8,731,659 | 7,748,944 | ||||||||
Allowance for noncovered loan losses | (98,942 | ) | (107,699 | ) | ||||||
Net noncovered loans | 8,632,717 | 7,641,245 | ||||||||
Covered loans (includes loss share receivable of $113.7 million and $205.7 million at December 31, 2012 and 2011, respectively) | 1,019,125 | 1,497,140 | ||||||||
Allowance for covered loan losses | (43,255 | ) | (36,417 | ) | ||||||
Net covered loans | 975,870 | 1,460,723 | ||||||||
Net loans | 9,608,587 | 9,101,968 | ||||||||
Premises and equipment, net | 181,149 | 192,949 | ||||||||
Goodwill | 460,044 | 460,044 | ||||||||
Intangible assets | 6,373 | 8,239 | ||||||||
Covered other real estate (includes loss share receivable of $.05 million and $1.3 million at December 31, 2012 and December 31, 2011, respectively) | 59,855 | 54,505 | ||||||||
Accrued interest receivable and other assets | 631,498 | 639,558 | ||||||||
Total assets | $ | 14,913,012 | $ | 14,441,702 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Deposits: | ||||||||||
Noninterest-bearing | $ | 3,338,371 | $ | 3,030,225 | ||||||
Interest-bearing | 1,287,674 | 1,062,896 | ||||||||
Savings and money market accounts | 5,758,123 | 5,595,409 | ||||||||
Certificates and other time deposits | 1,375,257 | 1,743,079 | ||||||||
Total deposits | 11,759,425 | 11,431,609 | ||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,104,525 | 866,265 | ||||||||
Wholesale borrowings | 136,883 | 203,462 | ||||||||
Accrued taxes, expenses, and other liabilities | 266,977 | 374,413 | ||||||||
Total liabilities | 13,267,810 | 12,875,749 | ||||||||
Shareholders' equity: | ||||||||||
Preferred stock, without par value: | ||||||||||
authorized and unissued 7,000,000 shares | — | — | ||||||||
Preferred stock, Series A, without par value: | ||||||||||
designated 800,000 shares; none outstanding | — | — | ||||||||
Convertible preferred stock, Series B, without par value: | ||||||||||
designated 220,000 shares; none outstanding | — | — | ||||||||
Common stock, without par value; authorized 300,000,000 shares; issued: 2012 and 2011 - 115,121,731 shares | 127,937 | 127,937 | ||||||||
Capital surplus | 475,979 | 479,882 | ||||||||
Accumulated other comprehensive loss | (16,205 | ) | (23,887 | ) | ||||||
Retained earnings | 1,195,850 | 1,131,203 | ||||||||
Treasury stock, at cost: 2012 - 5,472,915 shares; 2011 - 5,870,923 shares | (138,359 | ) | (149,182 | ) | ||||||
Total shareholders' equity | 1,645,202 | 1,565,953 | ||||||||
Total liabilities and shareholders' equity | $ | 14,913,012 | $ | 14,441,702 | ||||||
FIRSTMERIT CORPORATION AND SUBSIDIARIES | |||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | |||||||||||||||
Quarterly Periods | |||||||||||||||
(Unaudited) | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||
(Dollars in thousands) | 2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 238,366 | $ | 440,231 | $ | 410,533 | $ | 378,736 | $ | 621,899 | |||||
Investment securities: | |||||||||||||||
Held-to-maturity | 620,154 | 337,685 | 127,769 | 90,664 | 89,166 | ||||||||||
Available-for-sale | 2,925,938 | 3,215,203 | 3,429,411 | 3,459,439 | 3,231,195 | ||||||||||
Other investments | 140,723 | 140,736 | 140,744 | 140,719 | 160,147 | ||||||||||
Loans held for sale | 20,485 | 23,631 | 22,731 | 26,483 | 24,215 | ||||||||||
Noncovered loans: | |||||||||||||||
Commercial | 5,600,522 | 5,443,712 | 5,274,352 | 5,143,087 | 5,049,479 | ||||||||||
Residential Mortgage | 443,542 | 437,123 | 431,752 | 421,648 | 405,329 | ||||||||||
Installment | 1,331,131 | 1,293,054 | 1,263,013 | 1,261,122 | 1,267,952 | ||||||||||
Home equity | 798,663 | 779,087 | 750,859 | 738,154 | 744,326 | ||||||||||
Credit card | 145,050 | 143,948 | 142,311 | 143,794 | 145,560 | ||||||||||
Leases | 125,300 | 88,583 | 78,862 | 73,644 | 61,267 | ||||||||||
Total noncovered loans | 8,444,208 | 8,185,507 | 7,941,149 | 7,781,449 | 7,673,913 | ||||||||||
Covered loans and loss share receivable | 1,095,185 | 1,216,711 | 1,325,184 | 1,436,430 | 1,569,232 | ||||||||||
Total loans | 9,539,393 | 9,402,218 | 9,266,333 | 9,217,879 | 9,243,145 | ||||||||||
Less: allowance for loan losses | 141,270 | 145,061 | 143,565 | 142,628 | 141,360 | ||||||||||
Net loans | 9,398,123 | 9,257,157 | 9,122,768 | 9,075,251 | 9,101,785 | ||||||||||
Total earning assets | 13,246,693 | 13,119,473 | 12,986,988 | 12,935,184 | 12,747,868 | ||||||||||
Premises and equipment, net | 181,738 | 184,544 | 187,181 | 190,669 | 193,219 | ||||||||||
Accrued interest receivable and other assets | 1,176,688 | 1,134,829 | 1,117,377 | 1,134,976 | 1,201,815 | ||||||||||
TOTAL ASSETS | $ | 14,702,215 | $ | 14,734,016 | $ | 14,558,514 | $ | 14,496,937 | $ | 14,623,441 | |||||
LIABILITIES | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing | $ | 3,306,444 | $ | 3,236,703 | $ | 3,144,183 | $ | 3,036,590 | $ | 3,013,543 | |||||
Interest-bearing | 1,122,796 | 1,080,841 | 1,060,771 | 1,066,132 | 991,456 | ||||||||||
Savings and money market accounts | 5,743,599 | 5,746,210 | 5,732,007 | 5,675,052 | 5,569,213 | ||||||||||
Certificates and other time deposits | 1,422,246 | 1,528,177 | 1,618,322 | 1,694,247 | 1,842,334 | ||||||||||
Total deposits | 11,595,085 | 11,591,931 | 11,555,283 | 11,472,021 | 11,416,546 | ||||||||||
Federal funds purchased and securities sold under | |||||||||||||||
agreements to repurchase | 957,564 | 1,032,401 | 920,352 | 887,715 | 999,639 | ||||||||||
Wholesale borrowings | 163,405 | 178,022 | 177,987 | 184,659 | 225,116 | ||||||||||
Total funds | 12,716,054 | 12,802,354 | 12,653,622 | 12,544,395 | 12,641,301 | ||||||||||
Accrued taxes, expenses and other liabilities | 350,886 | 315,093 | 305,705 | 371,533 | 410,079 | ||||||||||
Total liabilities | 13,066,940 | 13,117,447 | 12,959,327 | 12,915,928 | 13,051,380 | ||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||
Common stock | 127,937 | 127,937 | 127,937 | 127,937 | 127,937 | ||||||||||
Capital surplus | 474,532 | 472,820 | 473,650 | 481,856 | 479,257 | ||||||||||
Accumulated other comprehensive income (loss) | (17,666 | ) | (14,627 | ) | (18,363 | ) | (19,862 | ) | (15,198 | ) | |||||
Retained earnings | 1,188,641 | 1,168,649 | 1,156,324 | 1,140,953 | 1,129,392 | ||||||||||
Treasury stock | (138,169 | ) | (138,210 | ) | (140,361 | ) | (149,875 | ) | (149,327 | ) | |||||
Total shareholders' equity | 1,635,275 | 1,616,569 | 1,599,187 | 1,581,009 | 1,572,061 | ||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 14,702,215 | $ | 14,734,016 | $ | 14,558,514 | $ | 14,496,937 | $ | 14,623,441 | |||||
FIRSTMERIT CORPORATION AND SUBIDARIES | |||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||
Fully Tax-equivalent Interest Rates and Interest Differential | |||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||||||
(Unaudited) | Average | Average | Average | Average | |||||||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and due from banks | $ | 238,366 | $ | 621,899 | |||||||||||||||||
Investment securities and federal funds sold: | |||||||||||||||||||||
U.S. treasury securities and U.S. government | |||||||||||||||||||||
agency obligations (taxable) | 2,794,524 | $ | 16,767 | 2.39 | % | 2,761,042 | $ | 19,028 | 2.73 | % | |||||||||||
Obligations of states and political | |||||||||||||||||||||
subdivisions (tax exempt) | 510,722 | 6,583 | 5.13 | % | 403,405 | 5,568 | 5.48 | % | |||||||||||||
Other securities and federal funds sold | 381,569 | 3,429 | 3.58 | % | 316,061 | 2,406 | 3.02 | % | |||||||||||||
Total investment securities and federal | |||||||||||||||||||||
funds sold | 3,686,815 | 26,779 | 2.89 | % | 3,480,508 | 27,002 | 3.08 | % | |||||||||||||
Loans held for sale | 20,485 | 199 | 3.86 | % | 24,215 | 266 | 4.36 | % | |||||||||||||
Noncovered loans, covered loans and loss share | |||||||||||||||||||||
receivable | 9,539,393 | 101,288 | 4.22 | % | 9,243,145 | 107,612 | 4.62 | % | |||||||||||||
Total earning assets | 13,246,693 | 128,266 | 3.85 | % | 12,747,868 | 134,880 | 4.20 | % | |||||||||||||
Allowance for loan losses | (141,270 | ) | (141,360 | ) | |||||||||||||||||
Other assets | 1,358,426 | 1,395,034 | |||||||||||||||||||
Total assets | $ | 14,702,215 | $ | 14,623,441 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 3,306,444 | — | — | $ | 3,013,543 | — | — | |||||||||||||
Interest-bearing | 1,122,796 | 261 | 0.09 | % | 991,456 | 237 | 0.09 | % | |||||||||||||
Savings and money market accounts | 5,743,599 | 5,261 | 0.36 | % | 5,569,213 | 5,998 | 0.43 | % | |||||||||||||
Certificates and other time deposits | 1,422,246 | 2,287 | 0.64 | % | 1,842,334 | 3,201 | 0.69 | % | |||||||||||||
Total deposits | 11,595,085 | 7,809 | 0.27 | % | 11,416,546 | 9,436 | 0.33 | % | |||||||||||||
Securities sold under agreements to repurchase | 957,564 | 303 | 0.13 | % | 999,639 | 512 | 0.20 | % | |||||||||||||
Wholesale borrowings | 163,405 | 1,024 | 2.49 | % | 225,116 | 1,334 | 2.35 | % | |||||||||||||
Total interest bearing liabilities | 9,409,610 | 9,136 | 0.39 | % | 9,627,758 | 11,282 | 0.46 | % | |||||||||||||
Other liabilities | 350,886 | 410,079 | |||||||||||||||||||
Shareholders' equity | 1,635,275 | 1,572,061 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 14,702,215 | $ | 14,623,441 | |||||||||||||||||
Net yield on earning assets | $ | 13,246,693 | $ | 119,130 | 3.58 | % | $ | 12,747,868 | $ | 123,598 | 3.85 | % | |||||||||
Interest rate spread | 3.47 | % | 3.73 | % | |||||||||||||||||
Note: Interest income on tax-exempt securities and loans has been adjusted to a fully-taxable equivalent basis. | |||||||||||||||||||||
Nonaccrual loans have been included in the average balances. |
FIRST MERIT CORPORATION AND SUBSIDARIES | |||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||
Fully Tax-equivalent Interest Rates and Interest Differential | |||||||||||||||||||||
Twelve months ended | Twelve months ended | ||||||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||||||
(Unaudited) | Average | Average | Average | Average | |||||||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and due from banks | $ | 366,815 | $ | 562,133 | |||||||||||||||||
Investment securities and federal funds sold: | |||||||||||||||||||||
U.S. treasury securities and U.S. government | |||||||||||||||||||||
agency obligations (taxable) | 2,825,283 | $ | 73,455 | 2.60 | % | 2,869,664 | $ | 78,202 | 2.73 | % | |||||||||||
Obligations of states and political | |||||||||||||||||||||
subdivisions (tax exempt) | 483,582 | 25,034 | 5.18 | % | 378,834 | 21,277 | 5.62 | % | |||||||||||||
Other securities and federal funds sold | 383,420 | 11,575 | 3.02 | % | 301,786 | 8,842 | 2.93 | % | |||||||||||||
Total investment securities and federal | |||||||||||||||||||||
funds sold | 3,692,285 | 110,064 | 2.98 | % | 3,550,284 | 108,321 | 3.05 | % | |||||||||||||
Loans held for sale | 23,326 | 960 | 4.12 | % | 22,467 | 1,045 | 4.65 | % | |||||||||||||
Noncovered loans, covered loans and loss share | |||||||||||||||||||||
receivable | 9,357,080 | 410,818 | 4.39 | % | 9,155,973 | 438,579 | 4.79 | % | |||||||||||||
Total earning assets | 13,072,691 | 521,842 | 3.99 | % | 12,728,724 | 547,945 | 4.30 | % | |||||||||||||
Allowance for loan losses | (143,131 | ) | (139,414 | ) | |||||||||||||||||
Other assets | 1,324,252 | 1,343,887 | |||||||||||||||||||
Total assets | $ | 14,620,627 | $ | 14,495,330 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing | $ | 3,181,475 | — | — | $ | 2,969,137 | — | — | |||||||||||||
Interest bearing | 1,082,740 | 987 | 0.09 | % | 893,062 | 816 | 0.09 | % | |||||||||||||
Savings and money market accounts | 5,724,330 | 20,563 | 0.36 | % | 5,320,392 | 28,171 | 0.53 | % | |||||||||||||
Certificates and other time deposits | 1,565,253 | 11,723 | 0.75 | % | 2,229,910 | 20,003 | 0.90 | % | |||||||||||||
Total deposits | 11,553,798 | 33,273 | 0.29 | % | 11,412,501 | 48,990 | 0.43 | % | |||||||||||||
Securities sold under agreements to repurchase | 949,756 | 1,157 | 0.12 | % | 925,803 | 3,344 | 0.36 | % | |||||||||||||
Wholesale borrowings | 175,989 | 4,423 | 2.51 | % | 298,835 | 6,295 | 2.11 | % | |||||||||||||
Total interest bearing liabilities | 9,498,068 | 38,853 | 0.41 | % | 9,668,002 | 58,629 | 0.61 | % | |||||||||||||
Other liabilities | 332,976 | 309,838 | |||||||||||||||||||
Shareholders' equity | 1,608,108 | 1,548,353 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 14,620,627 | $ | 14,495,330 | |||||||||||||||||
Net yield on earning assets | $ | 13,072,691 | $ | 482,989 | 3.69 | % | $ | 12,728,724 | $ | 489,316 | 3.84 | % | |||||||||
Interest rate spread | 3.58 | % | 3.70 | % | |||||||||||||||||
Note: Interest income on tax-exempt securities and loans has been adjusted to a fully-taxable equivalent basis. | |||||||||||||||||||||
Nonaccrual loans have been included in the average balances. |
FIRSTMERIT CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||
(Unaudited) | Quarters ended | Twelve months ended | ||||||||||||||||
(Dollars in thousands except per share data) | December 31, | December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
Interest income: | ||||||||||||||||||
Loans and loans held for sale | $ | 101,086 | $ | 107,516 | $ | 410,299 | $ | 438,393 | ||||||||||
Investment securities: | ||||||||||||||||||
Taxable | 20,196 | 21,434 | 85,030 | 87,044 | ||||||||||||||
Tax-exempt | 4,084 | 3,298 | 15,354 | 12,819 | ||||||||||||||
Total investment securities interest | 24,280 | 24,732 | 100,384 | 99,863 | ||||||||||||||
Total interest income | 125,366 | 132,248 | 510,683 | 538,256 | ||||||||||||||
Interest expense: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Interest-bearing | 261 | 237 | 987 | 816 | ||||||||||||||
Savings and money market accounts | 5,261 | 5,998 | 20,563 | 28,171 | ||||||||||||||
Certificates and other time deposits | 2,287 | 3,201 | 11,723 | 20,003 | ||||||||||||||
Securities sold under agreements to repurchase | 303 | 512 | 1,157 | 3,344 | ||||||||||||||
Wholesale borrowings | 1,024 | 1,334 | 4,423 | 6,295 | ||||||||||||||
Total interest expense | 9,136 | 11,282 | 38,853 | 58,629 | ||||||||||||||
Net interest income | 116,230 | 120,966 | 471,830 | 479,627 | ||||||||||||||
Provision for noncovered loan losses | 7,116 | 12,275 | 33,976 | 54,035 | ||||||||||||||
Provision for covered loan losses | 5,146 | 2,773 | 20,722 | 20,353 | ||||||||||||||
Net interest income after provision for loan losses | 103,968 | 105,918 | 417,132 | 405,239 | ||||||||||||||
Other income: | ||||||||||||||||||
Trust department income | 5,662 | 5,413 | 23,143 | 22,396 | ||||||||||||||
Service charges on deposits | 14,247 | 15,622 | 57,737 | 64,082 | ||||||||||||||
Credit card fees | 11,167 | 10,182 | 43,569 | 49,539 | ||||||||||||||
ATM and other service fees | 3,432 | 3,920 | 14,792 | 13,701 | ||||||||||||||
Bank owned life insurance income | 3,067 | 3,381 | 12,140 | 14,820 | ||||||||||||||
Investment services and insurance | 2,147 | 1,844 | 8,990 | 8,228 | ||||||||||||||
Investment securities gains, net | 2,425 | 5,790 | 3,786 | 11,081 | ||||||||||||||
Loan sales and servicing income | 7,946 | 5,102 | 27,031 | 14,205 | ||||||||||||||
Other operating income | 11,559 | 8,483 | 32,416 | 26,705 | ||||||||||||||
Total other income | 61,652 | 59,737 | 223,604 | 224,757 | ||||||||||||||
Other expenses: | ||||||||||||||||||
Salaries, wages, pension and employee benefits | 61,560 | 62,546 | 245,192 | 240,362 | ||||||||||||||
Net occupancy expense | 7,114 | 7,270 | 31,754 | 32,414 | ||||||||||||||
Equipment expense | 7,398 | 7,234 | 29,243 | 27,959 | ||||||||||||||
Stationery, supplies and postage | 2,162 | 2,719 | 8,800 | 10,691 | ||||||||||||||
Bankcard, loan processing and other costs | 9,260 | 7,948 | 34,195 | 32,226 | ||||||||||||||
Professional services | 6,119 | 5,763 | 23,480 | 23,229 | ||||||||||||||
Amortization of intangibles | 444 | 543 | 1,866 | 2,172 | ||||||||||||||
FDIC insurance expense | 1,738 | 5,119 | 10,753 | 17,306 | ||||||||||||||
Other operating expense | 16,386 | 24,732 | 68,330 | 77,986 | ||||||||||||||
Total other expenses | 112,181 | 123,874 | 453,613 | 464,345 | ||||||||||||||
Income before income tax expense | 53,439 | 41,781 | 187,123 | 165,651 | ||||||||||||||
Income tax expense | 15,215 | 11,285 | 53,017 | 46,093 | ||||||||||||||
Net income | $ | 38,224 | $ | 30,496 | $ | 134,106 | $ | 119,558 | ||||||||||
Other comprehensive income, net of taxes | ||||||||||||||||||
Changes in unrealized securities' holding gains and losses | $ | (6,718 | ) | $ | 1,317 | $ | 4,154 | $ | 26,205 | |||||||||
Reclassification for realized securities' gains | (1,576 | ) | (3,764 | ) | (2,461 | ) | (7,203 | ) | ||||||||||
Change in minimum pension liability | 5,989 | (16,786 | ) | 5,989 | (16,786 | ) | ||||||||||||
Total other comprehensive gain (loss), net of taxes | (2,305 | ) | (19,233 | ) | 7,682 | 2,216 | ||||||||||||
Comprehensive income | $ | 35,919 | $ | 11,263 | $ | 141,788 | $ | 121,774 | ||||||||||
Net income applicable to common shares | $ | 38,224 | $ | 30,496 | $ | 134,106 | $ | 119,558 | ||||||||||
Net income used in diluted EPS calculation | $ | 38,224 | $ | 30,496 | $ | 134,106 | $ | 119,558 | ||||||||||
Weighted average number of common shares outstanding - basic | 109,652 | 109,249 | 109,518 | 109,102 | ||||||||||||||
Weighted average number of common shares outstanding - diluted | 109,652 | 109,249 | 109,518 | 109,102 | ||||||||||||||
Basic earnings per common share | $ | 0.35 | $ | 0.28 | $ | 1.22 | $ | 1.10 | ||||||||||
Diluted earnings per common share | $ | 0.35 | $ | 0.28 | $ | 1.22 | $ | 1.10 | ||||||||||
Dividend per common share | $ | 0.16 | $ | 0.16 | $ | 0.64 | $ | 0.64 | ||||||||||
FIRSTMERIT CORPORATION AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME---LINKED QUARTERS | |||||||||||||||
Quarterly Results | |||||||||||||||
(Unaudited) | 2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||
(Dollars in thousands, except share data) | 4th qtr | 3rd qtr | 2nd qtr | 1st qtr | 4th qtr | ||||||||||
Loans and loans held for sale | $ | 101,086 | $ | 103,005 | $ | 103,126 | $ | 103,082 | $ | 107,516 | |||||
Investment securities | 24,280 | 24,477 | 25,629 | 25,998 | 24,732 | ||||||||||
Total interest income | 125,366 | 127,482 | 128,755 | 129,080 | 132,248 | ||||||||||
Interest on deposits: | |||||||||||||||
Interest-bearing | 261 | 243 | 236 | 247 | 237 | ||||||||||
Savings and money market accounts | 5,261 | 5,166 | 5,033 | 5,103 | 5,998 | ||||||||||
Certificates and other time deposits | 2,287 | 2,743 | 3,169 | 3,524 | 3,201 | ||||||||||
Securities sold under agreements to repurchase | 303 | 310 | 276 | 268 | 512 | ||||||||||
Wholesale borrowings | 1,024 | 1,130 | 1,118 | 1,151 | 1,334 | ||||||||||
Total interest expense | 9,136 | 9,592 | 9,832 | 10,293 | 11,282 | ||||||||||
Net interest income | 116,230 | 117,890 | 118,923 | 118,787 | 120,966 | ||||||||||
Provision for noncovered loan losses | 7,116 | 9,965 | 8,766 | 8,129 | 12,275 | ||||||||||
Provision for covered loan losses | 5,146 | 6,214 | 3,430 | 5,932 | 2,773 | ||||||||||
Net interest income after provision for loan losses | 103,968 | 101,711 | 106,727 | 104,726 | 105,918 | ||||||||||
Other income: | |||||||||||||||
Trust department income | 5,662 | 6,124 | 5,730 | 5,627 | 5,413 | ||||||||||
Service charges on deposits | 14,247 | 14,603 | 14,478 | 14,409 | 15,622 | ||||||||||
Credit card fees | 11,167 | 11,006 | 11,216 | 10,180 | 10,182 | ||||||||||
ATM and other service fees | 3,432 | 3,680 | 3,890 | 3,790 | 3,920 | ||||||||||
Bank owned life insurance income | 3,067 | 3,094 | 2,923 | 3,056 | 3,381 | ||||||||||
Investment services and insurance | 2,147 | 2,208 | 2,388 | 2,247 | 1,844 | ||||||||||
Investment securities gains, net | 2,425 | 553 | 548 | 260 | 5,790 | ||||||||||
Loan sales and servicing income | 7,946 | 7,255 | 5,139 | 6,691 | 5,102 | ||||||||||
Other operating income | 11,559 | 6,402 | 8,989 | 5,466 | 8,483 | ||||||||||
Total other income | 61,652 | 54,925 | 55,301 | 51,726 | 59,737 | ||||||||||
Other expenses: | |||||||||||||||
Salaries, wages, pension and employee benefits | 61,560 | 58,061 | 61,598 | 63,973 | 62,546 | ||||||||||
Net occupancy expense | 7,114 | 8,077 | 7,971 | 8,592 | 7,270 | ||||||||||
Equipment expense | 7,398 | 7,143 | 7,598 | 7,104 | 7,234 | ||||||||||
Stationery, supplies and postage | 2,162 | 2,210 | 2,285 | 2,143 | 2,719 | ||||||||||
Bankcard, loan processing and other costs | 9,260 | 8,424 | 8,858 | 7,653 | 7,948 | ||||||||||
Professional services | 6,119 | 4,702 | 9,307 | 3,352 | 5,763 | ||||||||||
Amortization of intangibles | 444 | 456 | 483 | 483 | 543 | ||||||||||
FDIC insurance expense | 1,738 | 1,832 | 3,463 | 3,720 | 5,119 | ||||||||||
Other operating expense | 16,386 | 17,682 | 17,514 | 16,748 | 24,732 | ||||||||||
Total other expenses | 112,181 | 108,587 | 119,077 | 113,768 | 123,874 | ||||||||||
Income before income tax expense | 53,439 | 48,049 | 42,951 | 42,684 | 41,781 | ||||||||||
Income taxes | 15,215 | 13,096 | 12,366 | 12,340 | 11,285 | ||||||||||
Net income | 38,224 | 34,953 | 30,585 | 30,344 | 30,496 | ||||||||||
Other comprehensive income (loss), net of taxes | (2,305 | ) | 4,525 | 3,747 | 1,715 | (19,233 | ) | ||||||||
Comprehensive income | $ | 35,919 | $ | 39,478 | $ | 34,332 | $ | 32,059 | $ | 11,263 | |||||
Net income applicable to common shares | $ | 38,224 | $ | 34,953 | $ | 30,585 | $ | 30,344 | $ | 30,496 | |||||
Net income used in diluted EPS calculation | $ | 38,224 | $ | 34,953 | $ | 30,585 | $ | 30,344 | $ | 30,496 | |||||
Weighted-average common shares - basic | 109,652 | 109,645 | 109,562 | 109,211 | 109,249 | ||||||||||
Weighted-average common shares - diluted | 109,652 | 109,645 | 109,562 | 109,211 | 109,249 | ||||||||||
Basic earnings per common share | $ | 0.35 | $ | 0.32 | $ | 0.28 | $ | 0.28 | $ | 0.28 | |||||
Diluted earnings per common share | $ | 0.35 | $ | 0.32 | $ | 0.28 | $ | 0.28 | $ | 0.28 | |||||
FIRSTMERIT CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
ASSET QUALITY INFORMATION (excluding Covered Assets) | |||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||
(Dollars in thousands, except ratios) | Quarterly Periods | Annual Period | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | ||||||||||||||
Allowance for Credit Losses | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | |||||||||||||
Allowance for noncovered loan losses, beginning of period | $ | 98,942 | $ | 103,849 | $ | 103,849 | $ | 107,699 | $ | 109,187 | $ | 114,690 | |||||||
Provision for noncovered loan losses | 7,116 | 9,965 | 8,766 | 8,129 | 12,275 | 54,035 | |||||||||||||
Charge-offs | 12,475 | 20,999 | 15,014 | 17,417 | 18,984 | 82,768 | |||||||||||||
Recoveries | 5,359 | 6,127 | 6,248 | 5,438 | 5,221 | 21,742 | |||||||||||||
Net charge-offs | 7,116 | 14,872 | 8,766 | 11,979 | 13,763 | 61,026 | |||||||||||||
Allowance for noncovered loan losses, end of period | $ | 98,942 | $ | 98,942 | $ | 103,849 | $ | 103,849 | $ | 107,699 | $ | 107,699 | |||||||
Reserve for unfunded lending commitments, | |||||||||||||||||||
beginning of period | $ | 5,760 | $ | 5,666 | $ | 5,410 | $ | 6,373 | $ | 6,360 | $ | 8,849 | |||||||
Provision for (relief of) credit losses | (327 | ) | 94 | 256 | (963 | ) | 13 | (2,476 | ) | ||||||||||
Reserve for unfunded lending commitments, | |||||||||||||||||||
end of period | $ | 5,433 | $ | 5,760 | $ | 5,666 | $ | 5,410 | $ | 6,373 | $ | 6,373 | |||||||
Allowance for Credit Losses | $ | 104,375 | $ | 104,702 | $ | 109,515 | $ | 109,259 | $ | 114,072 | $ | 114,072 | |||||||
Ratios (a) | |||||||||||||||||||
Provision for loan losses to average loans | 0.34 | % | 0.48 | % | 0.44 | % | 0.42 | % | 0.63 | % | 0.73 | % | |||||||
Net charge-offs to average loans | 0.34 | % | 0.72 | % | 0.44 | % | 0.62 | % | 0.71 | % | 0.82 | % | |||||||
Allowance for loan losses to period-end loans | 1.13 | % | 1.19 | % | 1.28 | % | 1.32 | % | 1.39 | % | 1.39 | % | |||||||
Allowance for credit losses to period-end loans | 1.20 | % | 1.26 | % | 1.35 | % | 1.39 | % | 1.47 | % | 1.47 | % | |||||||
Allowance for loan losses to nonperforming loans | 269.69 | % | 196.66 | % | 222.44 | % | 194.97 | % | 166.64 | % | 166.64 | % | |||||||
Allowance for credit losses to nonperforming loans | 284.50 | % | 208.11 | % | 234.57 | % | 205.13 | % | 176.50 | % | 176.50 | % | |||||||
Asset Quality (a) | |||||||||||||||||||
Impaired noncovered loans: | |||||||||||||||||||
Nonaccrual | $ | 21,766 | $ | 31,492 | $ | 38,381 | $ | 44,546 | $ | 55,815 | $ | 55,815 | |||||||
Other nonperforming loans: | |||||||||||||||||||
Nonaccrual (b) | 14,921 | 18,819 | 8,306 | 8,717 | 8,816 | 8,816 | |||||||||||||
Total nonperforming loans | 36,687 | 50,311 | 46,687 | 53,263 | 64,631 | 64,631 | |||||||||||||
Other real estate ("ORE") | 13,537 | 13,744 | 14,393 | 14,670 | 16,463 | 16,463 | |||||||||||||
Total nonperforming assets ("NPAs") | $ | 50,224 | $ | 64,055 | $ | 61,080 | $ | 67,933 | $ | 81,094 | $ | 81,094 | |||||||
NPAs to period-end loans + ORE | 0.57 | % | 0.77 | % | 0.75 | % | 0.86 | % | 1.04 | % | 1.04 | % | |||||||
Accruing noncovered loans past due 90 days or more | $ | 9,417 | $ | 9,691 | $ | 6,545 | $ | 9,261 | $ | 11,376 | $ | 11,376 | |||||||
FIRSTMERIT CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
NONINTEREST INCOME AND NONINTEREST EXPENSE DETAIL | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||
QUARTERLY OTHER INCOME DETAIL | 4th qtr | 3rd qtr | 2nd qtr | 1st qtr | 4th qtr | |||||||||||||||
Trust department income | $ | 5,662 | $ | 6,124 | $ | 5,730 | $ | 5,627 | $ | 5,413 | ||||||||||
Service charges on deposits | 14,247 | 14,603 | 14,478 | 14,409 | 15,622 | |||||||||||||||
Credit card fees | 11,167 | 11,006 | 11,216 | 10,180 | 10,182 | |||||||||||||||
ATM and other service fees | 3,432 | 3,680 | 3,890 | 3,790 | 3,920 | |||||||||||||||
Bank owned life insurance income | 3,067 | 3,094 | 2,923 | 3,056 | 3,381 | |||||||||||||||
Investment services and insurance | 2,147 | 2,208 | 2,388 | 2,247 | 1,844 | |||||||||||||||
Investment securities gains, net | 2,425 | 553 | 548 | 260 | 5,790 | |||||||||||||||
Loan sales and servicing income | 7,946 | 7,255 | 5,139 | 6,691 | 5,102 | |||||||||||||||
Other operating income | 11,559 | 6,402 | 8,989 | 5,466 | 8,483 | |||||||||||||||
Total Other Income | $ | 61,652 | $ | 54,925 | $ | 55,301 | $ | 51,726 | $ | 59,737 | ||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||
QUARTERLY OTHER EXPENSES DETAIL | 4th qtr | 3rd qtr | 2nd qtr | 1st qtr | 4th qtr | |||||||||||||||
Salaries, wages, pension and employee benefits | $ | 61,560 | $ | 58,061 | $ | 61,598 | $ | 63,973 | $ | 62,546 | ||||||||||
Net occupancy expense | 7,114 | 8,077 | 7,971 | 8,592 | 7,270 | |||||||||||||||
Equipment expense | 7,398 | 7,143 | 7,598 | 7,104 | 7,234 | |||||||||||||||
Taxes, other than income taxes | 1,924 | 2,051 | 2,020 | 1,955 | 1,389 | |||||||||||||||
Stationery, supplies and postage | 2,162 | 2,210 | 2,285 | 2,143 | 2,719 | |||||||||||||||
Bankcard, loan processing and other costs | 9,260 | 8,424 | 8,858 | 7,653 | 7,948 | |||||||||||||||
Advertising | 2,774 | 2,472 | 2,280 | 1,684 | 2,275 | |||||||||||||||
Professional services | 6,119 | 4,702 | 9,307 | 3,352 | 5,763 | |||||||||||||||
Telephone | 1,230 | 1,316 | 1,379 | 1,398 | 1,525 | |||||||||||||||
Amortization of intangibles | 444 | 456 | 483 | 483 | 543 | |||||||||||||||
FDIC insurance expense | 1,738 | 1,832 | 3,463 | 3,720 | 5,119 | |||||||||||||||
Other operating expense | 10,458 | 11,843 | 11,835 | 11,711 | 19,543 | |||||||||||||||
Total Other Expenses | $ | 112,181 | $ | 108,587 | $ | 119,077 | $ | 113,768 | $ | 123,874 |
FIRSTMERIT CORPORATION AND SUBSIDIARIES | |||||||||||||||
ALLOWANCE FOR NONCOVERED LOAN LOSSES - Net Charge-off Detail | |||||||||||||||
(Unaudited) | Quarters ended | Year ended | |||||||||||||
(Dollars in thousands) | December 31, | December 31, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Allowance for noncovered loan losses - beginning of period | $ | 98,942 | $ | 109,187 | $ | 107,699 | $ | 114,690 | |||||||
Loans charged off: | |||||||||||||||
Commercial | 5,081 | 7,418 | 28,648 | 31,943 | |||||||||||
Mortgage | 533 | 1,033 | 3,964 | 4,819 | |||||||||||
Installment | 3,588 | 5,635 | 18,029 | 25,839 | |||||||||||
Home equity | 1,141 | 2,491 | 7,249 | 8,691 | |||||||||||
Credit cards | 1,553 | 1,711 | 6,171 | 7,846 | |||||||||||
Leases | 144 | — | 144 | 778 | |||||||||||
Overdrafts | 435 | 696 | 1,700 | 2,852 | |||||||||||
Total | 12,475 | 18,984 | 65,905 | 82,768 | |||||||||||
Recoveries: | |||||||||||||||
Commercial | 1,317 | 850 | 5,626 | 2,703 | |||||||||||
Mortgage | 44 | 29 | 235 | 221 | |||||||||||
Installment | 2,581 | 2,890 | 11,635 | 13,639 | |||||||||||
Home equity | 725 | 730 | 2,819 | 1,985 | |||||||||||
Credit cards | 555 | 475 | 2,138 | 2,264 | |||||||||||
Manufactured housing | 9 | 56 | 59 | 119 | |||||||||||
Leases | — | 2 | 38 | 37 | |||||||||||
Overdrafts | 128 | 189 | 622 | 774 | |||||||||||
Total | 5,359 | 5,221 | 23,172 | 21,742 | |||||||||||
Net charge-offs | 7,116 | 13,763 | 42,733 | 61,026 | |||||||||||
Provision for noncovered loan losses | 7,116 | 12,275 | 33,976 | 54,035 | |||||||||||
Allowance for noncovered loan losses-end of period | $ | 98,942 | $ | 107,699 | $ | 98,942 | $ | 107,699 | |||||||
Average noncovered loans (a) | $ | 8,444,208 | $ | 7,673,913 | $ | 8,089,317 | $ | 7,409,502 | |||||||
Ratio to average noncovered loans (a): | |||||||||||||||
(Annualized) noncovered net charge-offs | 0.34 | % | 0.71 | % | 0.53 | % | 0.82 | % | |||||||
Provision for noncovered loan losses | 0.34 | % | 0.63 | % | 0.42 | % | 0.73 | % | |||||||
Noncovered Loans, period-end (a) | $ | 8,731,659 | $ | 7,748,944 | $ | 8,731,659 | $ | 7,748,944 | |||||||
Allowance for credit losses (a): | $ | 104,375 | $ | 114,072 | $ | 104,375 | $ | 114,072 | |||||||
To (annualized) net charge-offs | 3.69 | 2.09 | 2.44 | 1.87 | |||||||||||
Allowance for noncovered loan losses (a): | |||||||||||||||
To period-end noncovered loans | 1.13 | % | 1.39 | % | 1.13 | % | 1.39 | % | |||||||
To (annualized) net noncovered charge-offs | 3.50 | 1.97 | 2.32 | 1.76 | |||||||||||
(a) Excludes covered loans and loss share receivable. |
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